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Journal of Education, Humanities and Social Sciences MAMEE 2024

Volume 31 (2024)

A Review on the Cause of Black Friday Consumerism


Yihe Huang
Cats Cambridge, Cambridge, CB41NQ, UK
lucas.huang@huawei.com
Abstract. Black Friday is a typical date for an explosion in the number of irrational and excessive
consumer behaviours. An in-depth study of Black Friday helps researchers understand the
influences on overconsumption and the related consumption strategies of companies. This paper
explores the reasons that led to the phenomenon of Black Friday consumerism. The historical
background and cultural influences of Black Friday are examined to tell the story of how it became
an important event on the consumer calendar. The article also delves into the psychological reasons
that drive individual consumers to participate in Black Friday, including the desire for bargains and
social comparisons. In addition, the economic impact of Black Friday on society as a whole is
discussed, as well as the strategies used by retailers to drive sales. The role of scientific and
technological advances in shaping the Black Friday experience is also explored. By analysing these
different aspects, the article provides a comprehensive understanding of the causes and effects of
Black Friday consumerism.
Keywords: Black Friday, Fear of Missing Out, Social Identity, Consumer Confidence.

1. Introduction
Black Friday, the annual shopping extravaganza that follows Thanksgiving, has evolved beyond
its historical roots to become a cornerstone and byword for a culture of wild, reckless consumerism.
The day is known as the official start of the holiday shopping season and has become a cultural
spectacle. It is characterized by long queues, midnight purchases, alarm clocks and the process of
collective pursuit of consumption. For customers, Black Friday is the start of the holiday shopping
season for consumers and a great opportunity to save money. Black Friday is a great money-making
opportunity for merchants, who can induce a sense of material need through extreme discounts to
encourage consumers to overspend. However, it is the reasons behind the consumerism associated
with Black Friday that are more noteworthy. This article will delve into the many factors that drive
the Black Friday shopping boom, dissecting the complex reasons that drive the significant
consumerism associated with the day, and exploring historical roots, cultural influences,
psychological drivers, economic factors, retail strategies, technological advances, and social
circumstances. The goal of this study is to uncover the reasons that drove Black Friday to become a
spectacle of mass shopping frenzy around the world, and by delving into its origins and evolution,
lay the foundation for understanding why Black Friday has transformed from a post-Thanksgiving
tradition into a cultural and business phenomenon that appeals to consumers worldwide. By
explaining the intricacies, gain a comprehensive understanding of why Black Friday has evolved into
a global phenomenon of mass consumer engagement.

2. Historical Background
The origins of Black Friday as a post-Thanksgiving tradition can be traced back to the mid-20th
century in the United States, and it is rooted in the fabric of European countries' consumer history. At
the time, it emerged as a post-Thanksgiving retail tradition because of the surge in sales that day,
retailers would go from "loss" to "profit." Black Friday initially focused on localized events and sales,
marking the unofficial start of the holiday shopping season. Black Friday has undergone a significant
evolution over time, from a single day of retail activity to extended weekends and even weeks of
promotions; From local events to national and even global events. China also has such a special day,
it is called "Double Eleven", that is, on November 11th, the merchants will offer special discounts.

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This expansion is not just a spontaneous act of the retailer, but a strategic move that evolves according
to the changes in consumer engagement and retailer revenue. This shift reflects the changing
dynamics of consumer behaviour, with the appeal of exclusive offers and promotions to consumers
creating this lengthy shopping spectacle.
At the heart of Black Friday's rise is the crucial role of marketing. As digital marketing and e-
advertising flooded various channels, merchants differentiated the day from the ordinary purchase,
strategically used advertising campaigns, rolled out exclusive and limited-time offers, intentionally
fostered anticipation, and created a sense of urgency and excitement around the holidays, thus turning
this marketing campaign into a global phenomenon. The term "Black Friday" itself has gone from a
description of heavy traffic and chaotic crowds to a symbol of unparalleled discounts and deals. This
marketing strategy not only improves product visibility but also shapes the concept of consumption
for consumers. In this strategic narrative of language and imagery, participating in Black Friday
became synonymous with seizing a rare opportunity, and this carefully crafted marketing narrative
played a crucial role in establishing Black Friday as an unmissable event on the consumer calendar
and one that will endure for a long time. This reflects a deliberate effort by marketers to shape
perceptions, elevating Black Friday into a must-attend event in the collective consciousness of
consumers.

3. Cultural Influence
When examining the cultural fabric of Black Friday, this author finds himself in a society steeped
in materialism and consumer culture. Consumer culture is a form of material culture that is driven by
the market and thus creates a special relationship between the consumer and the goods he uses or
consumes. Materialism, on the other hand, is defined as an excessive interest in money and material
goods that consumers give them the ability to play an outsized role in their lives. This cultural
structure makes the day after Thanksgiving no longer just a shopping event, it has become a cultural
phenomenon, a ritual ingrained in the collective consciousness. The cultural structure surrounding
Black Friday reflects broader expectations related to spending.
Black Friday blends seamlessly with the cultural expectations of holiday shopping. In many
cultures, the holiday is synonymous with gift-giving, and Black Friday strategically positions itself
as a traditional holiday centred on gift-giving, with significant price reductions and discounts that
make it easier for consumers who would otherwise be reluctant to buy some of the more expensive
products. Even if the merchant is still making money, this activity creates a 'bargain' mentality among
consumers, which increases customer satisfaction. The cultural narrative surrounding the holiday
often involves expressing love and care through gift-giving, reinforcing the idea that consumers
participate in Black Friday. Moreover, this cultural structure is not limited to giving gifts to others
but also includes conspicuous consumption, and Black Friday becomes a stage for collective acts of
individual acquisition and display of material wealth. According to 2018 statistics from the National
Retail Federation, buyers spent an average of $313.29 on deals on Black Friday, with 69 per cent of
that going to gifts [1]. Consumers can give gifts to friends or family members that they can't afford
normally, thus implicitly showing off their wealth, even though they both know it is because of the
discount. But the big brand products always bring people a sense of pleasure, thus promoting the
relationship between each other. Because of this emphasis on the exchange of gifts and the desire for
wealth and generosity, the meaning that the Black Five creates for itself is even more prominent. This
culture is intertwined with the traditional gift-giving practices of the holiday, making the act of
shopping that day not just a transaction, but a cultural expression. In particular, the average holiday
doesn't have big deals, but the culture of material abundance emphasized by the average holiday
aligns with the idea that Black Friday is the perfect time to buy coveted goods at cheaper prices than
usual. Participating in Black Friday is therefore not just a business venture, it is a cultural expression,
a ritualistic formulation of social values that reflects the desire for material access among consumers.

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In short, the cultural impact of Black Friday is deeply rooted in a society where materialism and
consumer culture shape not only economic behaviour but also cultural traditions, and its interaction
with holiday shopping reflects a cultural symbiosis in which the act of 'buying' transcends the
meaning of the transaction itself. Intertwined with the cultural expectations of consumer generosity
and the pursuit of wealth during the holiday season.

4. Psychological Factors
At the heart of the phenomenon of consumerism on Black Friday are complex psychological
drivers that drive high levels of consumer engagement. This psychological driver is the scarcity
mentality, a cognitive bias that magnifies the perceived value of a scarce good or opportunity. Adrian
Camilleri, a professor at the University of Technology in Sydney, said after studying Black Friday
events, "Consumers don't like to lose." Events marked by limited-time, exclusive offers exploit this
psychological quirk of consumers, creating a sense of urgency and heightening the desire to obtain
items before they become unavailable. Dr Camilleri, who has studied consumer psychology, said,
"Missing out on a deal that includes an offer is often interpreted by consumers as a loss." Meaning
it's satisfying to buy an item for less than the standard price, even if it's not something you need. The
study investigated the relationship between customers' shopping motivation and the experience of
shopping on Black Friday, and the results of the study showed that customers who participated in
Black Friday had higher hedonic shopping motivation compared to the average customer, that Black
Friday appeals to the emotions of an enjoyable shopping experience, and that it excels at stimulating
and satisfying these emotions [2].
Drawing on the general aggression model or GAM (Anderson and Bushman), whether or not a
goal is obstructed, or achieved is a situational factor that elicits consumer emotions towards Black
Friday [3]. Due to goal blocking, such as stock, and promotional restrictions, causes shoppers during
that time to be emotional, they may be mad, frustrated, angry, excited, and generate many negative
emotions. They may not be able to face discounts or offers rationally and produce impulsive spending.
Fear of missing out (FOMO) is a complementary psychological factor, FOMO is an antecedent
anxiety, a feeling of regret in which the consumer feels that if he doesn't take advantage of the
opportunity now, he will regret it in the future. Przybylski defines it as "a generalised fear that other
people may have had a rewarding experience while one was absent" and describe it as "a generalised
fear that other people may have had valuable experiences while one was absent" and describes it as
"a generalised fear that others may have had valuable experiences while one was absent". Przybylski
defines it as "a generalised fear that others may be having valuable experiences while one person is
absent" and describes it as "a desire to stay in touch with what others are doing" [4]. Black Friday
capitalises on this innate human fear of being left out of a rewarding experience by using specific
marketing strategies such as special offers and exclusive deals to attract consumers, providing a
platform of opportunity that is particularly valuable and not to be missed, which triggers FOMO. e.g.
stock limits, full sale events or limited-time offers that make their products appear to be in short
supply. Consumers, driven by this fear, can't help but participate in Black Friday events, and this
scarcity-induced urgency fuels a surge in consumerism, as they fear that if they miss out on a deal
they will try to take advantage of what they perceive to be a rare opportunity, thus fuelling a sense of
urgency and consumer frenzy in society as a whole.
Another psychological factor that influences Black Friday consumerism is the prevalence of social
comparison. In the age of social media, people are constantly exposed to the lifestyles and possessions
of others. Black Friday, with its emphasis on purchasing coveted items at discounted prices, serves
as a platform for social comparison. Consumers always want to align their level of consumption with
social expectations and status symbols displayed by others. And, as I mentioned above, with more
robust social media, consumers will see what their friends have bought or received as gifts, and if his
friend buys an item that he has seen but hasn't placed an order for, it will prompt a sense of urgency
and desire for the item.

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The desire for status and wealth symbols plays a key role in the appeal of Black Friday. The event
provides consumers with an opportunity to buy products they would not normally buy, not only for
their functionality but also as status symbols. The lure of having a "high-status" product reinforces
consumers' motivation to participate in Black Friday, creating a psychological cycle in which
consumption is intertwined with the quest for social recognition.
Another key factor is social acceptance. Consumers are influenced by others. When they see that
their friends and neighbours are planning for Black Friday, they will also feel a sense of belonging
and feel that they should participate in this event. Plus, if the merchant uses social media to render a
kind of review that the buyer is happy with this product, for example, if the consumer praises the item
positively, there will be a cashback campaign. But other consumers don't know that, and when they
see positive reviews from other consumers, they can't help but make a purchase.
In short, the psychological drive for consumerism brought on by Black Friday is deeply ingrained
in society. The scarcity mentality, fear of missing out, social comparisons, desire for wealth, and
social identity create a driving sense that participation in Black Friday is not only caused by actual
need but is tied to emotional and social motivations. Despite critics arguing that cheap spending
doesn't mean it's a good deal, just because something is on sale doesn't mean you should buy it.

5. Economic Factors
The case for Black Friday consumerism goes beyond the individual motivations of consumers and
extends to the broader economic environment. The economic environment plays a key role in shaping
consumer behaviour toward this retail phenomenon, while Black Friday also drives overall economic
spending in society.
The economic cycle is characterized by cyclical downturns and upturns, a feature that has had a
profound effect on Black Friday consumerism. In a downturn, consumers often face financial
constraints and are more vulnerable to the temptation of discounted prices and exclusive deals.
Concerning the Income elasticity of demand (YED) part of goods, buying products that represent a
large portion of a consumer's income will be more flexible than those whose cost is relatively
insignificant to the consumer, so if the product's YED is low, the merchant will not be affected by
changes in consumer income. This means that even in a downturn, consumers' incomes are lower,
and businesses can still earn high revenues during Black Friday. Black Friday is strategically
positioned to provide consumers with a platform after Thanksgiving that can meet their shopping
needs while coping with budget constraints.
Instead, during an upturn in the economy, Black Friday turned into a celebration of consumers'
increased disposable income. The optimism and financial security that come with a booming
economy help create an environment that gives consumers more confidence to indulge in
discretionary spending. During this period, consumers have consumer confidence which makes them
feel more secure about their jobs and prospects, and they are more likely to buy goods during this
period, thus increasing aggregate demand and forming a virtuous circle. Consumer confidence is an
important economic factor which is a key indicator of the health of the economy, and it is strongly
linked to Black Friday consumerism. When consumer confidence is high, consumers are more likely
to participate in Black Friday, driven by positive expectations for economic stability and personal
finances. That sense of security translates into a willingness to freely distribute disposable income,
contributing to Black Friday. The level of disposable income is another important economic factor
that has a significant impact on consumer participation in Black Friday. High and free disposable
income allows consumers to take advantage of the discounts and promotions offered during this retail
event. Lower disposable income can still enhance the appeal of Black Friday to consumers, as
consumers seek to maximize discounts, and they can feel satisfaction from spending through this
discount opportunity. In this context, Black Friday becomes an opportunity to take advantage of
increased consumer purchasing power and further expand consumer engagement.

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Black Friday also leads to an overall increase in social and economic spending. According to the
survey, despite the stock market, inflation and other factors, Black Friday spending is still at a high
level. In 2017, online spending on Thanksgiving, Black Friday and Cyber Monday in the United
States combined was $14.5 billion, with Black Friday alone bringing in $5 billion in spending,
according to software company Adobe. Shoppers in the UK spent around £7.8 billion between Black
Friday and Cyber Monday. Chinese consumers spent $25 billion on Singles Day through Alibaba
alone. Adobe expects Black Friday revenue in the U.S. to reach $9.6 billion in 2023 [5]. Through
these data, we can see that festivals such as Black Friday, which are generated by huge discounts,
help the social economy to rise, and at the same time show that consumers are becoming more and
more obsessed with them.
Together, the economic factors influencing Black Friday consumerism form a complex web of
interactions between macroeconomic trends, personal finances, and consumer confidence levels. The
cyclical nature of the economic environment, coupled with the psychological impact of the recession
and rise, plays a key role in shaping the dynamics of Black Friday as a consumer phenomenon.

6. Retail Strategy
The phenomenon of consumerism on Black Friday is no accident; it is the result of a well-designed
retail planning strategy. Retailers employ a variety of tactics to stimulate consumer spending and
create a shopping frenzy on this day. Retailers strategically use discounts, promotions and limited-
time offers to create a sense of urgency and scarcity to attract consumers. Discounts are a key attribute
of Black Friday, and promotions are a way to draw shoppers into shops. These strategies use the
psychological appeal of perceived value to drive impulse purchases.
Black Friday is considered the most profitable day of the year for retailers, despite lower prices,
traffic and sales increase, more customers are gained and profits increase. That's why all retailers are
trying to figure out ways to generate more profits to make consumers trust them.
"The core appeal of Black Friday is the discounts, promotions and limited-time offers. Retailers
strategically use the urgency of time-sensitive deals to induce a sense of scarcity and a sense of
exclusivity and competition that is not found with ordinary public goods. The promise of significant
price reductions compels consumers to participate because they want to buy what they want at an
unprecedented price. A carefully planned discount strategy acts as a catalyst, igniting consumer
enthusiasm and creating a competitive shopping environment.
Against the backdrop of worldwide brand trends, advertising, both online and offline, plays a
crucial role in shaping consumer expectations and driving anticipation for Black Friday. Retailers are
investing heavily in advertising campaigns, crafting compelling events to attract exclusive deals,
creating anticipation through teaser adverts and exclusive previews, announcing upcoming
promotions and generating consumer excitement. This strategic deployment of advertising across a
variety of platforms, from traditional media to digital channels, ensured the widespread impact of
Black Friday.
Online advertising, in particular, has become a powerful force in shaping consumer expectations.
It has become a natural phenomenon for people to buy what others suggest, and psychologically
speaking, people have become slaves to technological advances. Boveel (1992) describes advertising
as a form of depersonalised communication that conveys information about a product, service or idea
through different media means [6]. Retailers use targeted digital marketing campaigns, social media
trailers and email promotions to engage a wider audience and create a sense of urgency and
anticipation. Personalised emails are sent to subscribers using automated marketing platforms, such
as early bird offers, additional discounts on specific products, and countdowns to the start of events.
The constant bombardment of marketing messages makes Black Friday a monumental shopping event,
shaping consumer perceptions and building anticipation long before the day arrives. And the limited-
time offers reinforce consumers' motivation to spend, fuelling Fear of Missing Out (FOMO). Retailers
capitalise on this psychological trigger, prompting buyers to act quickly. This convergence of online

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and offline strategies enhances the overall shopping experience, seamlessly integrating promotions
across channels. Retailers strategically shape consumer expectations by instilling this sense of
urgency and excitement, strategically designed to tap into the consumer's psyche, the blend of
discounts, promotions, and limited-time offers makes Black Friday a unique opportunity for
unparalleled savings, and becomes an eagerly awaited experience, contributing to the extraordinary
consumerism witnessed on this day.
Some retailers opt for bundled sales. Discounts are huge during this period, and bundle sales allow
consumers to maximise their savings, making them feel that they are getting more value for their
money by buying a bundle of products at a greater discount than they would have enjoyed if they had
bought individual items. Second, bundling often includes the sale of gift sets, which allow consumers
to purchase such bundled items that have been carefully curated for a specific recipient, thereby
reducing the effort of searching for gifts individually, streamlining the consumer's decision-making
process, and saving time and increasing satisfaction by getting items that meet a variety of needs in a
single purchase. For retailers, bundling encourages consumers to buy more items in a single
transaction, helping to increase sales and improve the value of the transaction. The event can also be
used to clear out excess or in-stock merchandise. While offering attractive discounts, retailers can
strategically bundle high-margin products with popular ones to maximise their overall profit margins
during the Black Friday shopping frenzy. It feels like a win-win for both parties.
"Buy now, pay later" is also a classic sales strategy used by retailers on Black Friday. For
consumers, the "use now, pay later" option allows them to use the items they need without having to
pay upfront. Because Black Friday typically prompts a surge in spending, "pay-as-you-go" offers
consumers the flexibility to manage their budgets. They can spread their payments over some time
when they have more money at their disposal without affecting their current financial situation. This
option allows them to act quickly and take advantage of discounts to gain a sense of empowerment
and satisfaction during a shopping spree, knowing that they can spread their costs over time, resulting
in a more satisfying shopping experience. For retailers, offering a 'pay now pay later' option
significantly increased Black Friday sales, with a 78 per cent increase in Buy now pay later (BNPL)
orders during Black Friday 2022 in the US compared to the previous week's figures, according to
research [7]. This means that consumers who choose to pay later will buy more items, thus increasing
the value of the transaction. And merchants offering this option can differentiate themselves from
competitors, attracting consumers who value financial flexibility when making purchases, and
increasing customer satisfaction and loyalty. Satisfied customers are likely to make repeat purchases
because they appreciate the retailer's understanding of their financial preferences. Finally, this option
would reduce the abandonment of items from the shopping cart during the checkout process, and
consumers who are hesitant to purchase because of financial constraints could move forward with the
purchase, encouraging them to consider higher-value items or additional products. This strategy
maximises the profit potential of each transaction. In short, Black Friday's pay-as-you-go option
offers a win-win situation for both consumers and retailers.
Companies are encouraged to incorporate CSR into their global strategies, so some choose to
donate as part of their corporate philanthropy. Consumer attitudes will be determined by a company's
choice of positive or negative word-of-mouth (WOM), and a company's implementation of donations
will favour positive WOM. fostering a positive company image will help consumers choose this
company to spend their money on, and foster positive corporate word-of-mouth [8].
In conclusion, the causes of Black Friday consumerism are intricately linked to the strategic
operations of retailers. The deployment of discounts, promotions and limited-time offers, coupled
with the choreography of online and offline advertising, creates the perfect storm of consumer
excitement and anticipation. The careful crafting of consumer expectations ensured that Black Friday
transcended the realm of ordinary shopping and evolved into an elaborate retail spectacle.

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7. Technological Progress
Gone are the days when Black Friday was just brick-and-mortar stores, and with advances in
technology, more Black Friday deals are happening online. On Black Friday 2020, retailers like Best
Buy (BBY), Walmart (WMT), and Target (TGT) all decided to close their stores on Thanksgiving
Day because in-store foot traffic was down 90.4% compared to Thanksgiving 2019. According to
Adobe Analytics, Black Friday e-commerce transactions in the United States reached $8.9 billion in
2021, with smartphones accounting for 44.4% of Black Friday digital transactions, up 10.6% from
2020. While smartphone visits to retailers' websites accounted for less than half of all transactions,
they accounted for 62.2 per cent of all shopper visits, indicating that consumers prefer browsing on
mobile devices, even though a higher percentage of purchases are completed on desktop devices than
mobile devices. And, according to Salesforce, there were 19 days in the 2021 U.S. holiday season
when e-commerce activity exceeded $3 billion, and only five days in 2020 when online sales reached
that level [9].
The emergence of e-commerce and online shopping has redefined the Black Friday landscape,
making it a digital shopping phenomenon. Consumers can easily access deals and promotions at home,
even outside of traditional stores. The shift in online platforms has expanded the reach of Black Friday
into a global event for a vast online audience.
During Black Friday, technological advances played a key role in creating a seamless shopping
experience. Features such as an intuitive website interface, mobile apps, personalized email and
responsive design have all indirectly helped Black Friday grow. In addition, technologies such as
augmented reality (AR) and virtual reality (VR) are increasingly converging, allowing consumers to
virtually use products, such as clothes, shoes, etc., before purchasing them. These technological
advances enhance the overall customer shopping experience, making it not only efficient but also
immersive.
Digital marketing and online promotions have become important tools to drive consumer
engagement on Black Friday. Retailers utilize targeted digital marketing campaigns, social media
platforms, and email marketing to create consumer anticipation and excitement for the event.
Countdown times, and early to buy and exclusive online promotions create a sense of urgency that
forces consumers to actively engage in digital shopping.
In addition, personalized recommendations provided by artificial intelligence (AI) algorithms help
provide a more tailored shopping experience. Retailers can use big data marketing and databases to
analyze consumer behaviour, preferences, and past buying habits. With prior data on customers'
buying habits retained in the database, companies can provide specific "customized" services based
on customers' information, such as pushing runners information about products related to sneakers or
running watches, helping retailers conduct online targeted marketing to enhance more targeted
promotions and improve the appeal of Black Friday deals.
Social media also magnifies the impact of digital marketing. Social media platforms act as real-
time information hubs during Black Friday, providing consumers with instantly updated information
on deals, discounts and promotions. Users can follow retailers, influencers, and brands to receive real-
time notifications, ensuring they're up to date with the latest products. In the lead-up to Black Friday,
social media platforms served as catalysts to create anticipation and excitement. Retailers strategically
use countdowns, teaser events and exclusive announcements to capture consumers' attention.
Consumers are influenced not only by retailers but also by the reviews of other users on social
platforms. Influencers, or influencers, share the usage of certain products and influence the purchase
choices of their followers. Including reviews from other regular users, unboxing videos have become
a valuable resource for potential buyers to learn about the products on Black Friday. Meanwhile,
social media is fueling the fear of missing out during Black Friday. When users see their peers getting
exclusive deals or sharing their purchases, this desire to be close to the collective reinforces the desire
to buy. In summary, social media shapes consumers' purchasing decisions, enhances their shopping
experience, and fosters a vibrant and interactive environment. Social platforms have become

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indispensable tools for retailers and consumers transforming Black Friday into digitally driven and
socially connected.
All in all, technological advances have pushed Black Friday beyond the confines of physical stores,
transforming it into a digital and global shopping event. E-commerce, seamless shopping experiences,
and sophisticated digital marketing strategies have contributed to the widespread engagement and
anticipation surrounding Black Friday, making it a multifaceted and dynamic consumer phenomenon.
In short, what leads to Black Friday consumerism is that it is a social environment made up of
interrelated factors. Cultural expectations, psychological impulses, economic motivations, retail
strategies, and technological advances all combine to drive shopping on this day. The impact is
evident in the huge growth in sales figures, but it also exposes consumer overspending and
environmental pressures.

8. Conclusion
In short, what leads to Black Friday consumerism is that it is a social environment of interrelated
factors. Psychological factors such as the fear of missing out and the excitement of getting a bargain,
aggressive advertising and creating a sense of urgency are among the retail strategies that fuel
consumerism. In addition, cultural influences and expectations, economic factors, and advances in
technology have made online shopping easy and helped popularise Black Friday consumerism.
Looking forward, it is clear that the changing consumer landscape will have an impact on the
popularity of Black Friday. As online shopping and e-commerce continue to advance, traditional
brick-and-mortar shops may need to adapt and find new ways to engage consumers. Additionally, as
societal values shift towards sustainability and ethical consumption, Black Friday may face increasing
criticism as it relates to consumer concerns about overconsumption, while also exposing
environmental pressures.
This study provides valuable insights into the characteristics and influences of the Black Friday
consumer phenomenon. By understanding the relationship between psychological, retail, cultural,
technological, economic, and ethical factors, stakeholders can make more informed decisions when
engaging in Black Friday and similar events, guiding a deeper understanding of the social impacts
and consequences of Black Friday consumerism.

References
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CNBC. https://www.cnbc.com/2019/11/29/psychology-of-black-friday-shopping-phenomenon-and-
crowds-explained.html.
[2] Kwon, H. J., & Brinthaupt, T. M. (2015). The motives, characteristics and experiences of US Black Friday
shoppers. Journal of Global Fashion Marketing, 6 (4), 292–302.
https://doi.org/10.1080/20932685.2015.1070681.
[3] Lennon, S. J., Kim, M., Lee, J., & Johnson, K. K. (2018). Consumer emotions on Black Friday:
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[4] Ng, M. (2021). FOMO and the Consumer: Two Essays Examining an Antecedent and a Consequence of
Fear of Missing Out (Doctoral dissertation).
[5] Kousar, N. A. N., & Mahmood, A. (2021). Critical Discourse Analysis of Advertisements of ‘Black Friday’
and ‘Blessed Friday’: A Socio-cultural Perspective. International Journal of English and Education, 12
(2), 65-89.
[6] Fitzgerald, K. (2023, November 24). Black Friday: Consumers still spending despite economic headwinds.
The National. https://www.thenationalnews.com/business/2023/11/24/black-friday-consumers-still-
spending-despite-economic-headwinds/.
[7] Mileva, G. (2023, October 14). Black Friday Consumer Behavior and the Changing Dynamics of Shopper
Trends. Influencer Marketing Hub. https://influencermarketinghub.com/black-friday-consumer-behavior/

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[8] Doyen, C. A. L. (2021). Black Friday and corporate philanthropy: Word-of-Mouth, consumer perception
and attitude toward promotions (Doctoral dissertation).
[9] Jeremy Goldman. (2021, November 29). Black Friday 2021 illustrates shifts in consumer behavior and
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2021-illustrates-changing-consumer-behaviors.

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